Referral System
Introduction
We are excited to present an addition to our array of services that many have eagerly anticipated: Orderly Referral System. This system, developed in response to your insightful feedback, represents a pivotal advancement in our platform’s evolution. Designed to enrich and expand our community, it offers a dynamic way for both existing and new users to connect, thereby significantly strengthening the Orderly ecosystem.
Existing users can effortlessly create personalized referral codes, which they can then share with potential new members. It’s designed to reward both new and existing members, encouraging the growth of their networks within the Orderly ecosystem and fostering a more interconnected and robust trading community.
Overview of the Referral Binding Process
Referral Code Creation: Builders create unique referral codes linked to specific user accounts.
Binding Process: The referee, upon receiving a referral code, binds it to their account, establishing a direct link between the referrer and the referee.
Rebate Distribution: Rebates are distributed daily and credited to each user’s Orderly account.
Incentives: Referrers and/or referees benefit from rebates off trading fees for using the referral code.
Referral Rebate Breakdown
The referral rebate applies to both taker and maker fees.
Distribution of Rebates:
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Referee Rebate: A portion of the fee is rebated to the referee.
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Referrer Rebate: A matching portion of the fee is rebated to the referrer.
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Builder Rebate: The remaining portion of the fee is rebated to the builder.
Example Calculation
Assumptions:
-Referee Rate: 0.2%
-Referrer Rate: 0.2%
-Total Fee for Referee’s Order: 7 basis points (bps) = 15 USDC
-Builder Rebate: 4 bps ≈ 8.6 USDC
Rebate Allocation:
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Referee Rebate: 1.7 USDC
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Referrer Rebate: 1.7 USDC
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Builder Rebate: 5.2 USDC
User Flow for Builders
Generating referral codes
Builders generate and assign unique referral codes for each user (referrer) through POST /v1/referral/create.
The rebate needs to be provided for both referee and referrer.
This endpoint is authenticated with builder’s admin account
Bind referral code
Bind the referral code to each user (referee) through POST /v1/referral/bind.
Update referral code
Update referral rebate of a referral code through POST /v1/referral/update.
This endpoint is authenticated with builder’s admin account
Retrieve referral information
Builders can retrieve details of referees, referrers, rebates. All endpoints listed under “Referral Program” section.